After the worse-than-expected June Consumer Price Index reading, the S&P 500 index futures tanked. At one point, it appeared that a test of last week’s low was imminent, but the “buy the dip” crowd stepped in ahead of it only reaching 3752 as opposed to 3744.
At the opening of the regular session, the bears pressed to breach the premarket low, but the bulls would have nothing of it and defended it. As a result, the index went from being nearly 72 handles in the red to actually going green around 1:00 PM EST.
Heading into the final hour, the index was desperately trying to end the day with a gain, but bears had their way in the final hour. As a result, the index is now on a three-day losing streak after shedding 19.25 handles to close at 3804.50.
Tesla Inc. (NASDAQ: TSLA) was the biggest winner of the top components of the index. For the session, the issue added $11.91 or 1.7% to close at $711.12.
That was over 2% better than the cash indexes decline of 0.45%.
UnitedHealth Group Inc. (NYSE: UNH) was the biggest loser of the top components. The issue was lower for the third day in a row after declining by $13.18 or 2.6%.
PreMarket Prep Stock Of The Day: Delta Airlines Inc. (NYSE: DAL)
Finds buyers in a familiar area after a mixed Q2 report. Read more on DAL here.